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Legacy Income Boost for Charities

Recent statistics have highlighted that the UK is becoming more generous in the amounts they leave to charity. However, what may be surprising is that we are leaving more inheritance to animal charities than those that protect our children!

According to Wilsons Solicitors, a charity law firm, the total amount of Inheritance Tax claimed against bequests to charities grew by 7% to £630m over the period of 12 months from April 2013 to April 2014.

Whilst the National Society for the Prevention of Cruelty to Children (NSPCC) was left nearly £20 million during this time, the Royal Society for the Prevention of Cruelty to Animals (RSPCA) was left staggering three times as much, totalling almost £62 million.

Of all charitable contributions, Cancer Research received the highest amount with £142 million, with The Royal National Lifeboat Institution (RNLI) in second place. In 2013, charities received £1.9bn in total legacy income.

Tim Fullerlove from Wilsons Solicitors believes that the figures are encouraging, but that there are other factors behind people’s thinking: “The main point is that the value of estates is still going up – as are the value of houses, and property is their main asset. But the other big factor is the ageing demographic of the population; as they’re older, their children are getting older as well. By the time your children are 40 or 50, people feel slightly less of an impetus to leave everything to their family; the children are already well established.”

What are your opinions on these statistics?  Do you think we will see more people leaving significant sums to charity in the future?